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Dogecoin (DOGE) Developers Propose New Update to Cut Transaction Fees

Dogecoin (DOGE) Developers Propose New Update to Cut Transaction Fees

Posted Wednesday, November 10, 2021 by
Aiswarya Gopan • 2 min read

Dogecoin (DOGE) is consolidating under the $0.28 level even as investors cheer its developers sharing an update about upcoming changes to the network which will drastically cut down transaction fees and drive up the adoption of the token for digital payments. At the time of writing, DOGE/USD is trading at around $0.27.

The Dogecoin Core 1.14.5 proposal brings with it ways to increase block time by 10 times and block size by 10 times while bringing down transaction fees by as much as 100 times. While this may sound exciting as far as DOGE users are concerned, it is an update that has received severe criticism from the community as it will incentivize node operations to relay low fee transactions to the memecoin’s miners. Despite it being a not-so-good update as far as miners are concerned, the Doge Army is excited about it, anticipating its rollout to drive up scalability and mainstream adoption of the crypto.

Self styled ‘Dogefather’ Elon Musk has also tweeted his support, commenting that the upcoming development is important for Dogecoin. His favorite crypto is also enjoying support from the entrepreneur changing his Twitter name to ‘Lorde Edge’, which some users take to be an anagram of ‘Eldger Doge’, a sign of his positive feelings towards the leading meme token.

Other Fundamental Developments Supporting DOGE

Meanwhile, Dogecoin’s price is also being supported by an increase in whale activity. As DOGE attempts to close in on the key $0.30 mark, a whale wallet transferred 3.7 billion DOGE tokens, valued at nearly $1 billion, across the network on Sunday. Higher whale activity drives up interest in the cryptocurrency and helps its price trend higher in the short-term.

Another promising development that could propel higher levels of interest in Dogecoin among investors is Vantagepoint AI’s decision to add the crypto in its forecasting software, along with Solana, Polkadot and 40 other leading digital currencies. The solution offers AI-powered technology for independent traders to conduct technical analysis on DOGE’s price action, and could drive up trading activity in the coin soon.

DOGE/USD Technical Analysis

Taking a look at the 4-hour chart of DOGE/USD, we find a bearish bias among most of the smaller moving averages and the MACD. On the other hand, the larger timeframe MAs along with the momentum indicator point to some buying interest as well.

DOGE/USD

Dogecoin’s price is holding just above the pivot point at $0.267. However, buyers have been unable to break past the immediate resistance at $0.284. In the near-term, keep a close watch on the pivot point which might break down in the event of increased selling pressure.

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